Which returned more over the last year, EWP or FEZ?

In the year to Oct 28, 2026, with distributions reinvested, EWP returned +15.6% and FEZ +6.0%.

Which is cheaper, EWP or FEZ?

FEZ is cheaper, by 0.21 percentage points a year. That is about $21 on $10,000 held for a year. Fees come from each fund's prospectus.

How much do EWP and FEZ overlap with the S&P 500?

By their latest filed holdings, 0% of EWP and 0% of FEZ by weight is stocks the S&P 500 already holds.

Data as of Oct 28, 2026.

Across categories

EWP vs FEZ: Differences, Returns & Fees

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Over the year to Oct 28, 2026, EWP returned +15.6% to FEZ's +6.0%; 11% of their weight is in the same names.

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Net assets on Oct 27, 2026: $2.0bn for iShares MSCI Spain ETF and $4.1bn for State Street SPDR EURO STOXX 50 ETF.

EWP on its own →FEZ on its own →

At a glance

+15.6%

EWP total return, 1 year

+6.0%

FEZ total return, 1 year

0.50%

EWP expense ratio

0.29%

FEZ expense ratio

Pair scorecard

FEZ costs 0.21 points a year less; their one-year returns differ by 9.6 points; FEZ is 2.1 times larger.

EWP vs FEZ: Differences, Returns & Fees
Measure	EWP	FEZ
Return
Measure	EWP	FEZ
Total return, 1 year	+15.6%	+6.0%
Drawdown
Measure	EWP	FEZ
Below its high	10.2%, high on Aug 24, 2026	9.0%, high on Aug 14, 2026
Benchmark
Measure	EWP	FEZ
What it tracks	MSCI Spain 25/50 Index	EURO STOXX 50 Index
Cost and size
Measure	EWP	FEZ
Expense ratio	0.50%	0.29%
Net assets, as of Oct 27, 2026	$2.0bn	$4.1bn
Holdings
Measure	EWP	FEZ
Holdings in common	11%
Top ten holdings, share of the fund	73.9%	42.9%

Holdings in common uses holdings dated Oct 27, 2026. Method

Risk and return

Apr 11, 2008 to Oct 23, 2026 · 967 weekly returns · each against ACWX

EWP FEZ

Return

Total return edge FEZ (slight) +101.9% +105.3%

Annualized edge FEZ (slight) +3.9% +3.9%

Price return edge FEZ −5.8% +12.9%

Risk

Volatility edge FEZ (slight) 26.2% 24.6%

Max drawdown edge EWP (slight) −58.6% −60.8%

Downside capture 109.8% 109.3%

Beta 1.11 1.16

Risk-adjusted

Sharpe edge Tie 0.22 0.22

Sortino edge Tie 0.31 0.31

Treynor 0.052 0.047

Calmar edge Tie 0.07 0.06

Against the benchmark

Alpha +0.2% a year −0.3% a year

Alpha t-stat 0.07 −0.15

Information ratio 0.05 0.05

Tracking error 14.5% 9.5%

Reading

FEZ returned slightly more: +105.3% to +101.9%. FEZ swung slightly less: 24.6% to 26.2%. EWP fell slightly less at its worst: −58.6% to −60.8%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: EWP vs FEZ: Differences, Returns & Fees
Measure	EWP	FEZ	ACWX	Edge	How it is measured
Return
Total return	+101.9%	+105.3%	+129.8%	FEZ (slight)	Price change plus distributions, reinvested.
Annualized	+3.9%	+3.9%	+4.6%	FEZ (slight)	Total return as a yearly rate.
Price return	−5.8%	+12.9%	+42.8%	FEZ	Price change alone, distributions left out.
Risk
Volatility	26.2%	24.6%	19.8%	FEZ (slight)	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	18.7%	17.7%	14.4%	FEZ (slight)	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−58.6%	−60.8%	−59.4%	EWP (slight)	Deepest fall from a high to the low after it.
Upside capture	127.0%	125.7%	100.0%	Tie	Share of its benchmark's rise caught in the weeks it rose.
Downside capture	109.8%	109.3%	100.0%	Tie	Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	1.11	1.16	1.00	EWP lower	How far it moves for each 1% its benchmark moves.
R squared	0.70	0.87	1.00	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.22	0.22	0.25	Tie	Return above Treasury bills per unit of volatility.
Sortino	0.31	0.31	0.35	Tie	Return above Treasury bills per unit of downside deviation.
Treynor	0.052	0.047	0.050	EWP (slight)	Return above Treasury bills per unit of beta.
Calmar	0.07	0.06	0.08	Tie	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	ACWX	ACWX	ACWX		The ETF each fund is measured against.
Alpha	+0.2% a year	−0.3% a year	0.0%	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	0.07	−0.15		Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−6.3% to +6.8%	−4.4% to +3.8%		Both include zero	The 95% range for the yearly alpha.
Information ratio	0.05	0.05		EWP (slight)	Return against its benchmark per unit of tracking error.
Tracking error	14.5%	9.5%	0.0%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 967 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

11%

By the books each fund has filed, EWP and FEZ hold 11% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.

50%

0 half 100%

half

11% in common

Positions both hold · largest shared weight first EWP FEZ

BANCO SANTANDER 17.78% 3.83%

IBERDROLA 13.78% 3.08%

BANCO BILBAO VIZCAYA ARGENTARIA 13.20% 2.87%

INDUSTRIA DE DISENO TEXTIL SA 4.53% 1.43%

Only in one fund ↓

Only in EWP

REPSOL 4.81%

AMADEUS IT GROUP 4.26%

CAIXABANK SA 4.20%

FERROVIAL NV 4.00%

AENA SME SA 3.75%

BANCO DE SABADELL 3.57%

ENDESA SA 3.31%

NATURGY ENERGY GROUP SA 3.24%

Only in FEZ

ASML HOLDING NV 10.09%

SAP SE 4.85%

SIEMENS AG REG 4.42%

TOTALENERGIES SE 4.28%

ALLIANZ SE REG 3.74%

SCHNEIDER ELECTRIC SE 3.18%

AIRBUS SE 2.57%

UNICREDIT SPA 2.54%

Check overlap with more funds →

Side by side

EWP iShares MSCI Spain ETF FEZ State Street SPDR EURO STOXX 50 ETF

Where it sits Stock ETF Stock ETF

Issuer iShares State Street

What it is Tracks an index Tracks an index

Total return, 1 year +15.6% +6.0%

Its benchmark over the same days +14.3% (ACWX) +14.3% (ACWX)

Gap to its benchmark +1.3 pts vs ACWX −8.3 pts vs ACWX

Expense ratio 0.50% 0.29%

Already in the S&P 500 0.0% 0.0%

Holdings 25 52

Net assets, as of Oct 27, 2026 $2.0bn $4.1bn

EWP and FEZ on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-28E08393A4

EWP and FEZ are built for the same job. How do they differ in cost, holdings and results?

What each follows. EWP follows MSCI Spain 25/50 Index and FEZ follows EURO STOXX 50 Index.
Holdings in common. 11% of the weight is in the same securities (holdings dated Oct 27, 2026).
One-year total return. Over 1 year to Oct 28, 2026 EWP returned +15.6% and FEZ +6.0% with distributions reinvested, a gap of 9.6 points.

Data as of Oct 28, 2026.

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About each fund

EWP

EWP tracks an index. Over the year to Oct 28, 2026 it returned +15.6% with distributions reinvested, against +14.3% for its benchmark, the MSCI ACWI ex USA Index. The prospectus expense ratio is 0.50% a year. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 25 positions, with the top ten at 73.9%. It sat 10.2% below its high of Aug 24, 2026 on Oct 28, 2026.

FEZ

FEZ tracks an index. Over the year to Oct 28, 2026 it returned +6.0% with distributions reinvested, against +14.3% for its benchmark, the MSCI All Country World ex USA Index. The prospectus expense ratio is 0.29% a year. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 52 positions, with the top ten at 42.9%. It sat 9.0% below its high of Aug 14, 2026 on Oct 28, 2026.

Questions people ask

Which returned more over the last year, EWP or FEZ?: In the year to Oct 28, 2026, with distributions reinvested, EWP returned +15.6% and FEZ +6.0%.
Which is cheaper, EWP or FEZ?: FEZ is cheaper, by 0.21 percentage points a year. That is about $21 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do EWP and FEZ overlap with the S&P 500?: By their latest filed holdings, 0% of EWP and 0% of FEZ by weight is stocks the S&P 500 already holds.

Other comparisons

EWP vs EWU EUFN vs EWP EWP vs HDEF EWP vs EZU EPOL vs FEZ BBEU vs FEZ FEZ vs HEDJ FEZ vs HDEF

Where to next

EWP on its own →FEZ on its own →Hold both: look the portfolio through →Rankings →EWP dividend history →EWP holdings →FEZ dividend history →FEZ holdings →Standards and sources →

Sources and dates

EWP filings on SEC EDGAR ↗

EWP prospectus with the expense ratio (SEC) ↗

iShares page for EWP ↗

FEZ filings on SEC EDGAR ↗

FEZ prospectus with the expense ratio (SEC) ↗

State Street website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, EWP against FEZ, data as of Oct 28, 2026. https://etfiq.com/compare/any/ewp-vs-fez

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